India central bank net bought $1.76 billion in forex market in May
The RBI said it purchased $9.1 billion and sold $7.3 billion during the month. In April, the central bank had sold a net of $1.66 billion.
The Indian rupee had declined by over 1% in May, pressured by persistent uncertainty over U.S. trade policies, an armed conflict between India and Pakistan, and likely dollar-buying interventions by the central bank.
India to issue climate risk disclosure rules for banks in the next few months, sources say
The RBI's net outstanding forward sale stood at $65.2 billion as of end-April, compared with a net sale of $72.6 billion at the end of the previous month, the data showed.
The central bank intervenes in the spot and forwards market to curb exchange rate volatility. The rupee closed little changed at 86.4075 per U.S. dollar on Wednesday.
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